COVID–19 NEWS   Japan registers record 250,403 COVID-19 cases within past 24 hours | COVID: Malaysia records increase in new cases, fatalities - Dr Noor Hisham | New COVID-19 cases drop 5.2 pct last week - Health Dg  | Witness still COVID-19 positive, Ahmad Zahid's corruption trial postponed | Japan's daily COVID cases top 180,000, set fresh record amid 7th wave | 
BUSINESS

Amfirst REIT to sell property for RM62 mln

01/07/2022 07:35 PM

KUALA LUMPUR, July 1 (Bernama) -- Amfirst Real Estate Investment Trust (AmFirst REIT) has proposed to dispose of its property, Menara AmFirst, to Forever Backup Sdn Bhd for RM62 million.

Located in Sungai Buloh, Selangor, the property is a 22-storey office building with three levels of basement car parks erected on freehold land.

AmREIT Managers Sdn Bhd, manager of the transaction opined that considering the age and limited scope for growth of the asset, it is opportune to dispose of this asset to repay existing borrowings to optimise the trust’s gearing level.

“The proposed disposal will not have any effect on the total units of AmFIRST REIT in issue and substantial unitholders’ unitholding in AmFIRST REIT as the disposal price will be satisfied entirely in cash.

“The expected net loss on disposal is approximately RM4.93 million arising from the proposed disposal and will not have significant impact to the earnings of AmFIRST REIT for the financial year ending March 31, 2023,” AMfirst REIT told Bursa Malaysia today.

It said the net proceeds of the exercise, after deducting all fees and expenses relating to the proposed disposal, would be utilised to repay existing borrowings. The net proceeds are expected to be utilised within 12 months from the date of completion of the proposed disposal.

The proposed disposal has been approved by the trustee on April 14, 2022. It is not subject to the approval of the unitholders of AmFIRST REIT and any regulatory authorities.

Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the third quarter of 2022.

-- BERNAMA

 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy